Uber Technologies Inc. Shares Leap After Ackman's Stake Disclosure

In a significant boost to Uber Technologies Inc., shares soared by 8% this Friday. This surge came after billionaire hedge fund manager Bill Ackman revealed a substantial 33.3 million-share stake in the company, which he began accumulating in early January. Ackman lauded Uber as one of the "best-managed" businesses globally, highlighting its transformation under CEO Dara Khosrowshahi's leadership.

CEO Dara Khosrowshahi's Leadership Praised

Ackman specifically commended Khosrowshahi for turning Uber into a "highly profitable and cash-generative growth machine." He expressed his belief in Uber's exceptional management and quality, stating, "We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company. We will have more to share about our thinking on the company shortly," via a statement on X.

Market Reaction

Following Ackman's disclosure, Uber's shares experienced an 8.24% jump at 11:35 am ET, reaching a price of $75.76 per share. This significant uptick underscores the market's positive reception to Ackman's investment and his confidence in Uber's future.